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Problem 1: John and Joseph are partners who share profits and losses in the ratio of 4:6 respectively. John's salary is $80,000 and Joseph is $40,000. The partners are paid interest on their average capital balances where John received interest of $30,000 and Joseph $15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If Joseph received $120,000 from partnership income, how much was the total partnership income?
Explain how would you design the procedures to prevent the keying error in regards to payroll procedures and is there a way to automate this process?
Twin Towns,Inc., was authorized to issue 300,000 shares of common stock and oringinally issued 100,000 shares of $10 par value stock at $18 per share. Subsequently, 25,000 shares were repurchased at $20, of which 10,000 were subsequently resold at $2..
After a decade of consistent income growth, the Cranor Corp. sustained a before tax loss of $8.4 million in 2011. The loss was primarily due to $10 million in expenses related to a product recall. Cranor manufactures medical equipment, including x-Ra..
When the points are redeemed, how is this accounted for? What is the impact of the point redemptions on profit and cash flow?
What is the probability that exactly four out of ten 18-20 year olds have not consumed an alcoholic beverage
Develop an annual operating budget using accrual accounting for the shelter in order to show its expected profit or loss
SCE that are most important to you as a shareholder and for each item or account, explain why it is so important to you. Do not use earnings per share
Estimated uncollectible accounts per aging on Dec. 31 220,000. What amount should be recognized as doubtful accounts expense for the current year
What do the results of the ratios tell the bank about extending credit to Amponsah and Daughters limited? Calculate the company debt to equity ratio
As a consumer taking charge of your own financial future, what lessons could you take from the business concepts of fixed and variable costs? And do you factor in the value of your time when you price comparison shop?
What is the direct labor (a) rate variance, (b) time variance, and (c) total cost variance? Enter favorable variances as negative numbers.
Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1.4 million
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